Need some help understanding benefits?

[BChico]

I am deciding between two offers, I have to let them know this week. My options Ernst & Young TSRS, and Huron Consulting. The salary for E&Y is 5k higher, both have similar sign on bonuses.

When talking about health plans, does Employee + 1 mean you can add anyone to your plan. Reason I am asking is that I am planning on getting married, so can I add her before we get married?

One thing I noticed which was different was the retirement matching. Huron offers 100% match on first 6%, while E&Y offers 25% match on first 6%. Does this work out to be a big deal?

Huron offers 20 days paid vacation E&Y offers 15 days paid vacation.

Huron offers full tuition coverage, I think E&Y only matches contributions.

If you know anything about either company let me know, I need all the input I can get.

 

[FoBoT]

sounds like huron has better benefits

E&Y is a bigger name for your resume though, right?

how long would you guess you'll stay that this position/company?

if you are planning on sticking around the extra benefits of huron sound good to me

if you are looking for a stepping stone/resume slot before looking for another job, then my guess is the name of E&Y is good , but i don't know that business so i could be offbase

 

[Queasy]

Originally posted by: BChico
When talking about health plans, does Employee + 1 mean you can add anyone to your plan. Reason I am asking is that I am planning on getting married, so can I add her before we get married?

It would be best to ask the company about this. Most companies don't offer coverage to non-relatives. Once you get married you'll be able to add her on.

 

[IronWing]

On the retirement matching it sounds like Huron is a much better deal if the match is made in cash contributions, not company stock.

 

[Queasy]

Originally posted by: BChico
One thing I noticed which was different was the retirement matching. Huron offers 100% match on first 6%, while E&Y offers 25% match on first 6%. Does this work out to be a big deal?

This is a huge deal. Think about 6% of your salary being added to your 401(k) for your investment on top of what you contribute. The bulk of my 401k savings is from my first job when they matched 100%.

 

[bigrash]

employee +1 means that you can add spouse. I don't think that you'll be able to add her to your benefits until you're married.

100% match is way better than 25% in the long run.

Full tuition coverage is realy good. e&y might pay 5k more, but if you're planning on continuing your education then the tuition coverage might add up more than the 5k(depending on school)

 

[BChico]

Originally posted by: bigrash
employee +1 means that you can add spouse. I don't think that you'll be able to add her to your benefits until you're married.

100% match is way better than 25% in the long run.

Full tuition coverage is realy good. e&y might pay 5k more, but if you're planning on continuing your education then the tuition coverage might add up more than the 5k(depending on school)

Ill send an email over about the health plan. Anyone know for sure thats the case.

Is there anything else in terms of benefits I should look for?

 

[Queasy]

Originally posted by: BChico

Originally posted by: bigrash
employee +1 means that you can add spouse. I don't think that you'll be able to add her to your benefits until you're married.

100% match is way better than 25% in the long run.

Full tuition coverage is realy good. e&y might pay 5k more, but if you're planning on continuing your education then the tuition coverage might add up more than the 5k(depending on school)

Ill send an email over about the health plan. Anyone know for sure thats the case.

Like I said, this is pretty standard for all companies. They don't cover anyone that is not in your immediate family (which means your wife, kids, and anyone you have guardianship over).

You should be able to add your fiance as soon as you get married though.

It sounds like Huron's benefits really make up and possibly surpass the offer from E&Y.

 

[IronWing]

Asking about vesting periods for the employer match.

 

[Albis]

TSRS is tech audit and huron consulting is . . . consulting

so they are different fields as well

 

[bigrash]

Originally posted by: BChico

Originally posted by: bigrash
employee +1 means that you can add spouse. I don't think that you'll be able to add her to your benefits until you're married.

100% match is way better than 25% in the long run.

Full tuition coverage is realy good. e&y might pay 5k more, but if you're planning on continuing your education then the tuition coverage might add up more than the 5k(depending on school)

Ill send an email over about the health plan. Anyone know for sure thats the case.

Is there anything else in terms of benefits I should look for?

As far as I know Aetna, Cigna and HIP doesn't cover SO prior to marriage. I'm not 100% though. It all depends on their health carrier

 

[ZoomStop]

Huron sounds like better benefits (as others have mentioned the 100% match up to 6% is great) but E&Y as someone else mentioned would look great on a resume.

To explain the 6% om case you or someone else is not familiar:
They will match your 401K contribution up to 6%. So it is really like free money since you can save it, borrow against it, etc.
But be sure to check the vesting period if they match in company stock!

 

[BChico]

Originally posted by: ironwing
Asking about vesting periods for the employer match.

The E&Y summary doesnt talk about vesting periods.

Huron says your contributions are 100% vested. Company contributions are 25% vested immediately, 50% after 1 year, and 100% after 2 years. What does that mean?

 

[iamwiz82]

Originally posted by: BChico

Originally posted by: ironwing
Asking about vesting periods for the employer match.

The E&Y summary doesnt talk about vesting periods.

Huron says your contributions are 100% vested. Company contributions are 25% vested immediately, 50% after 1 year, and 100% after 2 years. What does that mean?

If you leave before you are fully vested, you only get a portion of the 401k that they matched.

 

[Queasy]

Originally posted by: BChico

Originally posted by: ironwing
Asking about vesting periods for the employer match.

The E&Y summary doesnt talk about vesting periods.

Huron says your contributions are 100% vested. Company contributions are 25% vested immediately, 50% after 1 year, and 100% after 2 years. What does that mean?

That means that if you leave the company that you'll only get 25% of the money Huron invested in your 401k immediately, 50% after 1 year, and 100% after 2 years.

 

[spidey07]

the vesting periods outline when that money is really yours.

Let's say they match your 6% which happens to be 10,000 dollars (figure will make is easier to understand)

so during your first year, on 25% or 2500 is your money. The other 7500 isn't fully vested yet and not yours.

second year the company contributes another 10K, and you have 20K - and 50% vested meaning 10K is yours.

Fully vested at 2 years is REALLY nice. That means that any and all company matching funds are yours. You are fully vested.

 

[sygyzy]

Why is this even being asked? Even while you were typing out the post, it should have occured to you that Huron is giving you better benefits.

 

[BChico]

Originally posted by: sygyzy
Why is this even being asked? Even while you were typing out the post, it should have occured to you that Huron is giving you better benefits.

Im not an expert on benefits, it seemed like they were better initially, but I wanted some clarification on the health plan and retirement plan.

 

[FlashG]

What about medical and life insurance? You might be concerned if you want to start a family.

 

[BChico]

Originally posted by: FlashG
What about medical and life insurance? You might be concerned if you want to start a family.

E&Y doesnt really specify thier health plan in the offer, but I know they have coverage.

Huron offers a PPO and HMO. The HMO is 100%, which I would probably take. For just me it would be about $140 a month, which isnt too bad I think.

 

[FlashG]

Originally posted by: BChico

Originally posted by: FlashG
What about medical and life insurance? You might be concerned if you want to start a family.

E&Y doesnt really specify thier health plan in the offer, but I know they have coverage.

Huron offers a PPO and HMO. The HMO is 100%, which I would probably take. For just me it would be about $140 a month, which isnt too bad I think.

It all depends on the plan and what it covers.